Pune, India, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global smart building market size was valued at USD 67.60 billion in 2021. The market is expected to grow from USD 80.62 billion in 2022 to USD 328.62 billion by 2029, exhibiting a CAGR of 22.2% during the forecast period. Smart city projects and the emergence of 5G technology are expected to boost technology adoption. Fortune Business Insights™ provides this information in its report titled “Smart Building Market Forecast, 2023-2029”
Key Industry Development:
Siemens AG collaborated with Telefónica Tech to develop intelligent building solutions and services in the Spanish market. By this collaboration, both companies are also focusing on other projects such as smart lighting, predictive maintenance, smart parking, de-escalation monitoring, and environmental monitoring, occupancy, and capacity management to provide users with an enhanced living experience.
Honeywell International Inc. engaged in collaboration with IDEMIA for the development of intelligent building solutions. The companies work together for the development of secure contactless building engagement solutions.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 22.2% |
| 2029 Value Projection | USD 328.62 Billion |
| Base Year | 2021 |
| Smart Building Market Size in 2021 | USD 67.60 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Application and Geography |
| Smart Building Market Growth Drivers | Increasing Energy Consumption to Fuel Market Development |
Key Takeaways
- Growing concern about rising energy consumption around the world is expected to lead to more advanced and energy-efficient technology.
- Investing in smart technology to improve the operational efficiency of commercial buildings
- The residential segment is expected to grow with a remarkable CAGR during the forecast period.
- Smart Building Market Size in North America USD 26.88 Billion in 2020
- Growing energy consumption concerns will drive the market growth.
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Drivers and Restraints
Increasing Energy Consumption to Fuel Market Development
- Increasing concerns regarding energy consumption are expected to fuel energy-efficient technology and energy adoption.
- IBM Corporation’s IoT and Smart Building 2019 report mentions that real estate and commercial buildings utilize 50% hydro energy.
- The report mentions that the buildings are expected to adopt maximum energy by the end of 2025. Also, stringent government investments and rising green building projects are expected to boost the product adoption.
- Additionally, improving lifestyles and rapid digitization are expected to bolster the technologies’ demand. These factors are likely to drive the smart building market trends.
- However, increasing cyber-attacks in connected buildings are expected to hamper industry development.
Regional Insights
Rising Adoption of Intelligent Building Solutions to Fuel Market Progress in North America
North America is expected to dominate the smart building market share due to rising adoption of intelligent building solutions. The market in North America was valued at USD 26.88 billion in 2021 and is expected to grow considerably in the coming years. Further, the rising product adoption by commercial real estate in the U.S. boosts industrial development.
In Europe, the rising focus on implementing energy-efficient technologies in residential and commercial buildings is expected to fuel the industry progress. Further, rising smart workplace buildings are expected to bolster growth.
In Asia Pacific, the growing focus on developing infrastructural projects is expected to foster the product adoption. This factor may propel the market growth.
Segments
Component, Application, and Region Are Studied
By component, the market is segmented into solutions and services. Based on application, it is classified into commercial and residential. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Competitive Landscape
Manufacturers Launch Novel Technologies to Boost Brand Image
The prominent companies operating in the market announce novel technologies to bolster brand image. For example, Endeavor Business Media announced intelligent building technology to integrate smart solutions for new and commercial buildings. This development may boost the companies’ brand image. Furthermore, companies invest heavily in research and development to improve offerings and enhance their annual revenues. Additionally, the adoption of expansions, mergers, acquisitions, and collaborations may enable companies to boost their market position.
What does the Report Provide?
The Smart Building Market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Companies Profiled in the Global Smart Building Market Report
- Cisco Systems, Inc. (U.S.)
- Siemens AG (Germany)
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Endeavor Business Media (U.S.)
- IBM Corporation (U.S.)
- Legrand SA (U.S.)
- Honeywell International Inc. (U.S.)
- Johnson Controls Inc. (U.S.)
- Hitachi, Ltd. (U.S.)
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Major Points in TOC:
- Global Smart Building Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- By Application (USD)
- Residential
- Commercial
- Hotel
- Healthcare
- Retail
- Corporate Offices
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Smart Building Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- By Application (USD)
- Residential
- Commercial
- Hotel
- Healthcare
- Retail
- Corporate Offices
- Others
- Europe Smart Building Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Services
- System Integration and Deployment
- Support and Maintenance
- Consulting
- By Application (USD)
- Residential
- Commercial
- Hotel
- Healthcare
- Retail
- Corporate Offices
- Others
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